My parents said I have to pay taxes for every coin I bought if I made profits on those coins

My parents said I have to pay taxes for every coin I bought if I made profits on those coins
I bought like 50 different shitcoins from 2017-2020 and switched a lot. How fucked am I? From US. I have a $100k portfolio but they think I need to pay over $600k in taxes or something

Attached: gettyimages-153718849.jpg (660x372, 24.5K)

and by profits I mean gains

they sound mad u got rich with no work involved

hire an accountant, it's seriously not that expensive compared to the gains you made.

your taxes won't be more than your gains.

also when you cash out, the amount you cash out will likely be taxed a certain amount depending on what tax bracket you fall in, so not more than 50%

>your taxes won't be more than your gains.
the reason for that is even if you made enormous gains and then lost them the gains will be offset by the losses.

so what you have in the end is what you wind up paying taxes on. You may have penalties for not filing on earlier gains, but that's what the accountant is for.

>so not more than 50%
it can easily go over 50% if you have to add in s/e taxes. FICA and such. Not a lot more than 50%, but more.

How can the tax be x6 of the gain. Stop listening to them. Make out you hit a loss and keep them out of it. Sounds like controlling parents. Get your own advise professionally. Stash that money from them. Move it to another wallet out the way

>it can easily go over 50% if you have to add in s/e taxes
then add interest and penalties for late filing and you can hit 80% tax without a lot of effort.

but it won't go above the level of the gains. Not unless OP has been trading for ages and never filing taxes that is.

M
O
N
E
R
O
/thread

what kind of weak fud is this, ur telling me u cashed out and paid 80% of ur gains are you retarded why are you even on this board

50% taxes WTF? Why are burguers so cucked by their government?

Let them pay the absurd amount like a good goy user. I’ll be double dipping by collecting my neetbux and making mad gains.

wait a year and don't pull money out

Because they’re cucked and pay for shaquinas to pop out children every year and neets who know how the system works and refuse to participate.

3 years of compounding IRS backtaxes

I'll be right here watching you sob while the IRS rapes your tender ass user.

You may have to pay 600k in taxes. For example if you bought a shitcoin and it 1000 times and traded for another shitcoin that dropped 99%. The crypto to crypto trade counts as cashing out and is a taxable event, you pay taxes on the immediate gains, if it goes down to $0 and you have nothing afterwards, then you are shit out of luck. You got to pay the taxes anyways.

You can deduct the loss and negate the gain if I read it right

Isnt that only up to $3000 a year?

No little queer

Proof?

lol, burgers worrying about taxes

you have to pay depreciation taxes on any losses and appreciation taxes on gains basically.

What does that mean in actual terms though I'm a brainlet

Why would you participate if you have to pay for those aforementioned shaquinas? Why have them around at all, one might ask?

Tell your parents to fuck off and worry about their own investments. You have come this far already user. I'm sure they haven't helped you one bit with investing in crypto.

Get an accountant to sort this out for you and good luck keeping those leeches at bay. Don't even tell your parents what happened when you cashed out. Tell them you lost it all and don't tell any of your friends. Girls will throw themselves at your cock, once they know.

Good luck user. Be careful and don't buy stupid shit with your money either. Reinvest!

Shaniqua need a new weave, baby

Why are you even in crypto if you plan on paying taxes? The goal has always been to make it and gtfo to some other place you can get bottle service for $30.

Hahahaha so neets are smart for abusing the system and shaquina are stupid?
Both are the same breed of retards

They gave me the money to invest though and I did it all in their name.

Attached: Utawarerumono Itsuwari no Kamen - 07 - Large 07.jpg (1280x720, 94.68K)

It sounds like your parents are cucks

Good, then the 600k bill is theirs

>100k
>rich
Do shitcoiners really?

Transfer it to a different wallet not linked to you in any way and say you accidentally sent all the money to the wrong wallet

I DONT WANT TO SCREW OVER MY PARENTS